Do you own a small business? While operating your own company can be immensely fulfilling, it does come with a few extra risks. Here are three risks every small business owner needs to know and ways insurance can help.
Risk #1: Property Damage
Just like with your home and personal auto, property damage can happen at any time. Protect your business against fire, theft, vandalism, and other unfortunate incidents by having appropriate insurance coverage. Most business policies include a layer of coverage for your office or storefront location, while a commercial vehicle policy can help insure company cars against damage.
Risk #2: Injuries to Workers and Customers
Another important risk for small businesses to consider is injury to either worker or customers. Sometimes accidents happen where a visitor to your location slips, falls, or is otherwise involved in an accident. In certain cases, your employee may even be the one who is hurt.
These injury scenarios actually fall into two categories: worker’s compensation insurance and liability coverage. A worker’s compensation policy is often required by law and takes care of your staff’s medical bills and other associated costs if they are injured while on the job. Liability insurance covers claims where your customer is injured. Both are two key policies to have if you own a small business.
Risk #3: Other Liability Issues
Another risk to look out for when you own a small business is other liability issues. While a liability policy does cover customer injury, it also encompasses many other types of incidents. For some companies, this can be a simple accident where a client’s home is damaged while your crew is working nearby or a situation where someone claims a product you made caused them harm.
The exact extent of liability risk greatly depends on the industry you are in and the tasks your firm is engaged in. Thus, there are a wide range of different liability policies available to help you find the one that meets your needs the best.
So, how do you know which commercial insurance policies cover the risks of your small business? Speak with one of our dedicated team members as Colling Insurance Services, Inc. We will sit down and review the details with you to determine your exact needs.